Sound Energy has upped its stake onshore Morocco after acquiring a 75% interest in the Sidi Moktar licences.
The move was finalized after receiving regulatory approval.
The Sidi Moktar licences consist of three onshore gas permits covering 2,700 square kilometres in the Essaouira basin, central Morocco and contain a material existing gas discovery in the Lower Liassic, where two wells have already been drilled, and significant Triassic exploration potential.
The firm is now seeking partners for the licence development.
The portfolio additione consisted of a 50% operated interest in the Sidi Moktar Licences from PetroMaroc Corporation and the acquisition of a 25% working interest in the Sidi Moktar Licences from Maghreb Petroleum Exploration. Following the Acquisitions, the remaining 25% interest in the Sidi Moktar Licences is held by Morocco’s Office National des Hydrocarbures des Mines.